TALLAHASSEE, Fla. — Florida insurance regulators announced Tuesday fines they have imposed on eight insurance companies related to the handling of claims.
This announcement comes after WPTV reported Monday that three insurance companies were recently fined.
The fines of the eight companies total $2.075 million and are the result of market conduct examinations from Hurricanes Ian and/or Idalia.
Officials said two additional examinations are pending, which may result in more fines.
Florida Chief Financial Officer Blaise Ingoglia said in a statement that they're holding insurance companies accountable, describing their actions as "misconduct."
"These fines are proof positive that we are committed to holding them accountable," Ingoglia said.
The fines come at a time when Florida's insurance industry seems to be rebounding with profits and, in some case, rate reductions.
"Capital is pouring in, and the market is stabilizing, but our office holds insurers to high standards," Florida Insurance Commissioner Michael Yaworsky said. "It is important that consumers have confidence that they are getting what they pay for."
The breakdown of the companies and fines by the Office of Insurance Regulation is as follows:
- American Coastal Insurance Company: $400,000
- American Mobile Insurance Exchange: $400,000
- Centauri Specialty Insurance Company: $100,000
- Clear Blue Insurance Company: $400,000
- Monarch National Insurance Company: $325,000
- Sutton National Insurance Company: $50,000
- Tower Hill Prime Insurance Company: $250,000
- TypTap Insurance Company: $150,000
Mark Friedlander at the Insurance Information Institute issued the following statement regarding the fines.
"The role of the property/casualty industry is to be a financial first responder to help their customers recover from catastrophes as quickly as possible. Most Florida insurers acted in this manner following the six hurricanes which struck the state over the past three seasons. The role of the state's insurance regulator is to ensure insurance carriers follow Florida regulations when handling storm claims. When they don’t, they should be held accountable, which resulted in the fines announced today by Commissioner Yaworksy."
Click here to read the full examination reports and consent orders from the Florida Office of Insurance Regulation.
Matt Sczesny is determined every day to help you find solutions in Florida's coverage collapse. If you have a question or comment on homeowners insurance, you can reach out to him any time.
